Out of the box it's pretty clear ARKit doesn't allow for the tracking of more than 4 images at once. (You can "track" more markers than that but only 4 will function at a time). See this question for more details on that.
However, I'm wondering if there is a possible work-around. Something like adding and removing anchors on a timer or getting the position information and then displaying the corresponding models without ARKit, etc. My knowledge of Swift is fairly limited so I haven't had much luck experimenting yet. Any suggestions or pointers in the right direction would be helpful.
By comparison ARCore for Android has a limit of 20 according to the documentation. I've also personally tested web based libraries tracking over 4 markers on an iPhone. I also believe I read somewhere that some variation of the Nintendo DS was able to track more than 4 markers. There is no way this isn't feasible because of hardware limitations.